New York Community Bank will enter the new year with a new president and chief executive officer at its helm.
Thomas R. Cangemi, who previously served as the bank’s senior executive vice president and chief financial officer, was promoted to president and CEO of both the bank and its parent company, New York Community Bancorp, Inc., effective Dec. 31.
Additionally, the Oyester Bay executive will become the director of both boards.
Cangemi, who joined the company in 2001 as part of a merger with Richmond County Financial Corp., will replace Joseph R. Ficalora, who will retire from his post at the end of the year.
Ficalora spent his entire career with New York Community, which is based in Westbury, and its predecessor bank, Queens County Savings Bank, seeing the bank grow from less than $1 billion in assets to $55 billion in assets and 236 branches across five states today.
“I would like to thank the Board and Joe for placing their confidence in me and I am honored to become our next President and CEO,” Cangemi said. “It has been a privilege to have worked with Joe for the last 20 years and I am grateful for all of his contributions to the Company. NYCB would not be the same organization we know today without his vision and leadership. He is retiring having built one of the top banks in the country.”
Cangemi was first named senior executive vice president and CFO of New York Community Bank in 2005. His 29 years of banking experience first began at KPMG LLP, where he was a member of the Financial Services Practice.
“Tom has been a valuable member of NYCB’s senior executive management team and has played an important role in the Company’s growth and success. Having worked alongside Joe, Tom knows the Bank extremely well and has a wide range of expertise and a demonstrated ability to deliver strong operating results,” said Michael J. Levine, the presiding director and chair of the Nominating and Corporate Governance Committee. “Tom is held in high-regard inside of the organization and is well-respected by Wall Street analysts and the investment community. The Board has the utmost confidence that he is the right person to assume the CEO role and looks forward to NYCB’s next chapter under his leadership.”
Replacing Cangemi as the bank’s CFO and executive vice president will be John J. Pinto, who has been with the company for 20 years. Most recently, Pinto served as the banks chief accounting officer and executive vice president. Pinto, like Cangemi, joined the company during its merger with Richmond County Financial Corp.
“John’s appointment as our new Chief Financial Officer is well deserved,” Cangemi said. “John and I have worked closely together for 22 years, and he has been an integral part of our management team at NYCB since day one. I believe that he will do a fantastic job as our new CFO and I look forward to his continued contributions in his new role.”
New York Community Bancorp, Inc., has reported assets of $54.9 billion, loans of $42.9 billion, deposits of $31.7 billion and stockholders’ equity of $6.7 billion. The company operates 236 branches through eight local divisions including Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, Atlantic Bank, Garden State Community Bank, Ohio Savings Bank and AmTrust Bank.